Meta’s money transfer service that uses the company’s proprietary cryptocurrency digital wallet “Novi pilot” will be shut down on September 1. Well, now it certainly looks like one of the biggest tech companies in the world is apparently feeling the effects of the crypto crash too!
Meta launched Novi in 2021. Users have been given until September 1 to remove their information and their remaining crypto balance from the site. According to The Verge, users will lose access to their accounts in September and will no longer be able to add funds to Novi from July 21. If someone forgets to withdraw their remaining balance, Meta says it will “try to transfer their money” to the bank account or debit card added to the service.
The company took to their website to announce that both the Novi app and Novi on WhatsApp will no longer be available.
Novi had to be a secure way for people to send and receive crypto, and at some point it had to work with Diem. However, the collaboration could not continue because Diem collapsed in February of this year.
According to The Verge, last month Meta CEO Mark Zuckerberg also hinted at creating a digital wallet that could help you manage and store “digital clothing, art, videos, music, experiences, virtual events and more”. The wallet would be interoperable between different metaverse experiences that support the goals of the metaverse Standards Forum that Meta and a group of other companies helped form, which calls for industry-wide standards for virtual reality and augmented reality experiences.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content was automatically generated from a syndicated feed.)
Business Standard has always strived to provide up-to-date information and commentary on developments that matter to you and that have broader political and economic implications for the country and the world. Your encouragement and constant feedback on how we can improve our offering has only strengthened our determination and commitment to these ideals. Even during these difficult times arising from Covid-19, we remain committed to keeping you informed and informed with credible news, authoritative views and sharp commentary on current issues of concern.
However, we have a request.
As we fight the economic impact of the pandemic, we need your support even more so we can continue to bring you more quality content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscriptions to our online content can only help us achieve the goals of bringing you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism we’re committed to.
Support quality journalism and subscribe to Business Standard†